US and Saudi officials have agreed to “broad terms” for a normalization deal with Israel, Wall Street Journal reported on Wednesday.
Israeli assets rose after the Wall Street Journal, citing US officials, reported Washington and Riyadh had agreed on the broad outlines of a deal. The officials warned they faced long odds, but were hopeful they could decide on “finer details” within a year, the Journal reported.
The details of any agreement must be decided by the two countries involved, a spokesperson for the US National Security Council said. Saudi Arabia’s Foreign Ministry did not respond to requests for comment.
“We are waiting for the Americans to give us a complete plan regarding Saudi normalization,” Tzachi Hanegbi, Israeli national security adviser, said to journalists on Monday. “Their main request is a defense pact with the US. The Americans have been totally transparent with us throughout. We expect to see a proper plan or proposal by the end of the year.”
Israeli Prime Minister Benjamin Netanyahu told Bloomberg on Sunday his country and Saudi Arabia would deepen economic and business ties even if they don’t formally recognize each other.
Still, a deal would have “enormous economic consequences for investors,” Netanyahu said. “If they had to bet on it, right now I’d bet on it. But I can’t guarantee it.”
